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Alexandria Real Estate Equities（ARE）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
Alexandria Real Estate Equities的季度营收约是ROYAL GOLD INC的1.8倍（$671.0M vs $375.3M），Alexandria Real Estate Equities净利率更高（59.4% vs 24.9%，领先34.4%），ROYAL GOLD INC同比增速更快（85.3% vs -11.5%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% vs -6.4%）
Alexandria Real Estate Equities（NYSE:ARE）是标普500成分股中的城市办公类房地产投资信托，作为业内首创、运营经验最丰富的先行企业，专注于在顶级创新集群区域开发、运营生命科学、科技及农业科技协作型产业园区。截至2020年12月末，公司总市值达319亿美元，北美地区资产总面积达4970万平方英尺。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
ARE vs RGLD — 直观对比
营收规模更大
ARE
是对方的1.8倍
$375.3M
营收增速更快
RGLD
高出96.8%
-11.5%
净利率更高
ARE
高出34.4%
24.9%
两年增速更快
RGLD
近两年复合增速
-6.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $671.0M | $375.3M |
| 净利润 | $398.4M | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | — | 56.2% |
| 净利率 | 59.4% | 24.9% |
| 营收同比 | -11.5% | 85.3% |
| 净利润同比 | 740.6% | -12.8% |
| 每股收益（稀释后） | $2.10 | $1.04 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ARERGLD
| Q1 26 | $671.0M | — | ||
| Q4 25 | $754.4M | $375.3M | ||
| Q3 25 | $751.9M | $252.1M | ||
| Q2 25 | $762.0M | $209.6M | ||
| Q1 25 | $758.2M | $193.4M | ||
| Q4 24 | $788.9M | $202.6M | ||
| Q3 24 | $791.6M | $193.8M | ||
| Q2 24 | $766.7M | $174.1M |
净利润ARERGLD
| Q1 26 | $398.4M | — | ||
| Q4 25 | $-1.1B | $93.6M | ||
| Q3 25 | $-232.8M | $126.8M | ||
| Q2 25 | $-107.0M | $132.3M | ||
| Q1 25 | $-8.9M | $113.5M | ||
| Q4 24 | $-62.2M | $107.4M | ||
| Q3 24 | $167.9M | $96.2M | ||
| Q2 24 | $46.7M | $81.2M |
毛利率ARERGLD
| Q1 26 | — | — | ||
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 72.6% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 66.6% | ||
| Q2 24 | — | 64.7% |
营业利润率ARERGLD
| Q1 26 | — | — | ||
| Q4 25 | — | 56.2% | ||
| Q3 25 | — | 64.4% | ||
| Q2 25 | — | 67.7% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | — | 65.9% | ||
| Q3 24 | — | 61.3% | ||
| Q2 24 | — | 58.6% |
净利率ARERGLD
| Q1 26 | 59.4% | — | ||
| Q4 25 | -143.3% | 24.9% | ||
| Q3 25 | -31.0% | 50.3% | ||
| Q2 25 | -14.0% | 63.1% | ||
| Q1 25 | -1.2% | 58.7% | ||
| Q4 24 | -7.9% | 53.0% | ||
| Q3 24 | 21.2% | 49.7% | ||
| Q2 24 | 6.1% | 46.6% |
每股收益（稀释后）ARERGLD
| Q1 26 | $2.10 | — | ||
| Q4 25 | $-6.35 | $1.04 | ||
| Q3 25 | $-1.38 | $1.92 | ||
| Q2 25 | $-0.64 | $2.01 | ||
| Q1 25 | $-0.07 | $1.72 | ||
| Q4 24 | $-0.38 | $1.63 | ||
| Q3 24 | $0.96 | $1.46 | ||
| Q2 24 | $0.25 | $1.23 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $418.7M | $233.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $19.4B | $7.2B |
| 总资产 | $34.2B | $9.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ARERGLD
| Q1 26 | $418.7M | — | ||
| Q4 25 | $549.1M | $233.7M | ||
| Q3 25 | $579.5M | $172.8M | ||
| Q2 25 | $520.5M | $248.2M | ||
| Q1 25 | $476.4M | $240.8M | ||
| Q4 24 | $552.1M | $195.5M | ||
| Q3 24 | $562.6M | $127.9M | ||
| Q2 24 | $561.0M | $74.2M |
总债务ARERGLD
| Q1 26 | — | — | ||
| Q4 25 | $12.4B | — | ||
| Q3 25 | $13.6B | — | ||
| Q2 25 | $13.3B | — | ||
| Q1 25 | $13.1B | — | ||
| Q4 24 | $12.2B | — | ||
| Q3 24 | $12.7B | $0 | ||
| Q2 24 | $12.4B | $50.0M |
股东权益ARERGLD
| Q1 26 | $19.4B | — | ||
| Q4 25 | $15.5B | $7.2B | ||
| Q3 25 | $16.6B | $3.4B | ||
| Q2 25 | $17.2B | $3.3B | ||
| Q1 25 | $17.5B | $3.2B | ||
| Q4 24 | $17.9B | $3.1B | ||
| Q3 24 | $18.2B | $3.0B | ||
| Q2 24 | $18.3B | $3.0B |
总资产ARERGLD
| Q1 26 | $34.2B | — | ||
| Q4 25 | $34.1B | $9.5B | ||
| Q3 25 | $37.4B | $4.5B | ||
| Q2 25 | $37.6B | $3.6B | ||
| Q1 25 | $37.6B | $3.5B | ||
| Q4 24 | $37.5B | $3.4B | ||
| Q3 24 | $38.5B | $3.3B | ||
| Q2 24 | $37.8B | $3.3B |
负债/权益比ARERGLD
| Q1 26 | — | — | ||
| Q4 25 | 0.80× | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.77× | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.70× | 0.00× | ||
| Q2 24 | 0.68× | 0.02× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $475.0M | $241.7M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 76.0% | — |
| 现金转化率经营现金流/净利润 | 1.19× | 2.58× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ARERGLD
| Q1 26 | $475.0M | — | ||
| Q4 25 | $312.4M | $241.7M | ||
| Q3 25 | $433.5M | $174.0M | ||
| Q2 25 | $460.2M | $152.8M | ||
| Q1 25 | $207.9M | $136.4M | ||
| Q4 24 | $274.2M | $141.1M | ||
| Q3 24 | $477.4M | $136.7M | ||
| Q2 24 | $411.8M | $113.5M |
资本支出强度ARERGLD
| Q1 26 | 76.0% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金转化率ARERGLD
| Q1 26 | 1.19× | — | ||
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | 2.84× | 1.42× | ||
| Q2 24 | 8.82× | 1.40× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ARE
| Same properties | $431.4M | 64% |
| Tenant recoveries | $178.2M | 27% |
| Non-same properties | $43.3M | 6% |
| Other | $18.0M | 3% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
